There are six Oklahoma pension systems, the two largest being the Teachers Retirement System and the Oklahoma Public Employees Retirement System which includes many county employees. The teachers system had $42 million worth of assets invested in Lehman Brothers when the investment bank filed for bankruptcy in the fall of 2008. The Public Employees plan had close to $16 million invested with Lehman.
Oklahoma has worked hard to reduce its unfunded liability. In the wake of Detroit’s financial disaster, it is likely lawmakers will work even harder to close the funding gap.